DENVER, CO--(Marketwired - May 27, 2016) - Resolute Energy Corporation ("Resolute" or the "Company") (NYSE: REN) today announced a one-for-five (1:5) reverse split of its issued and outstanding common stock. The one-for-five reverse stock split will be effective after the market closes on June 7, 2016 and Resolute's common stock will begin trading on a split-adjusted basis when the market opens on June 8, 2016. Resolute's common stock will continue to trade on the New York Stock Exchange under the trading symbol "REN" but will trade under a new CUSIP number.
The Company's stockholders granted authority to the Board of Directors, in its discretion, to effect this reverse split of Resolute's outstanding common stock at the Annual Meeting of Stockholders held on May 11, 2016.
When the reverse stock split becomes effective, every five shares of the Company's issued and outstanding common stock will automatically be converted into one share of common stock. No fractional shares will be issued in connection with the reverse stock split. Following the completion of the reverse stock split, the Company's transfer agent will aggregate all fractional shares that otherwise would have been issued as a result of the reverse stock split and those shares will be sold into the market. Stockholders who would otherwise hold a fractional share of Resolute common stock will receive a cash payment from the proceeds of that sale in lieu of such fractional share. The reverse stock split will not impact any stockholder's percentage ownership of Resolute or voting power, except for minimal effects resulting from the treatment of fractional shares. Following the reverse split, the number of outstanding shares of the Company's common stock will be reduced from approximately 77.1 million to approximately 15.4 million. In addition, the number of authorized shares of the Company's common stock will decrease from 225 million to 45 million.
Continental Stock Transfer & Trust, the Company's transfer agent, will act as its exchange agent for the reverse stock split.
Additional information about the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 11, 2016, a copy of which is also available at www.sec.gov or www.resoluteenergy.com under the SEC Filings tab located on the Investor Relations page.
About Resolute Energy Corporation
Resolute is an independent oil and gas company focused on the acquisition, exploration, exploitation and development of oil and gas properties, with a particular emphasis on liquids focused, long-lived onshore U.S. opportunities. Resolute's producing properties are located in the Paradox Basin in Utah and the Permian Basin in Texas and New Mexico.
(May 27, 2016 - 4:32 PM EDT)
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